“The phenomenal growth of the business in a short space of time has been made possible by the dedication, passion and talent of The Alchemist people, and I have no doubt that they will deliver on our vision to grow the brand further across the UK and beyond.

“We are grateful for the continued support of both Palatine and Santander in providing investment in our growth plans and in our people.”

A great concept

Chris Thomas, director, structured finance, financial sponsors at Santander, added: “The Alchemist has shown itself to be a great concept that benefits from a strong management team and experienced, supportive investors.

“Following on from our previous growth capital support, Santander is delighted to continue working with the company in its next phase of growth.”

The Alchemist was established in 2010 and is currently backed by Palatine Private Equity which supported a buy out from Living Ventures in 2015.

Kieran Lawton, investment director at Palatine, commented: “Santander’s continuing support of The Alchemist is testament to the high quality business that the team are developing.

“The Alchemist continues to be one of the leading performers in its sector, and this additional financial support from Santander will allow the team to further develop the brand and concept over the next few years.”